Eastern Point Trust Company

What’s the “most powerful” of settlement tools? No surprise that USA Today named the Qualified Settlement Fund “because it makes all the others easier to use.” Thanks to our Chief Trust Officer Rachel McCrocklin and Medicare expert ??John V. Cattie, Jr. for serving as expert resources. #Plaintiffs #TrialLawyer #SettlementPlanning #StructuredSettlements https://bit.ly/3SXfbvj

Proud to sponsor Virginia Trial Lawyers Association Annual Convention. Thank you for representing us, Viktoria Wilkins and Rachel McCrocklin.

Government approval is required to establish the QSF. The governmental authority that approves the QSF will appoint a trustee to manage it. This approval should clearly define the purpose of the QSF. A proper QSF should also specify the types of claims it aims to resolve. Once approved, obtaining an Employer Identification Number (EIN) from the Internal Revenue Service for the QSF is imperative. #QualifiedSettlementFund #EasternPointTrust #QSF

By contrast, an ERT is a Grantor Trust, and each respected funder of an ERT is a “Grantor,” which retains ownership and control of the funds in the ERT, for tax purposes, and the Grantor Trust rules apply. Under the Grantor Trust rules, the funder of an ERT is the owner of the portion of the ERT contributed by that respective Grantor, as the funding does not constitute Economic Performance. Only when the ERT makes payments for the remediation project are the corresponding amounts deductible by the Grantor(s), and only in the current tax year in which the payments occur. #QualifiedSettlementFund #EasternPointTrust #QSF

Excited to have our very own Rachel McCrocklin on the conference circuit this season to educated attorney's, paralegals and industry professionals on products like QSF 360, Confidential QSF, Plaintiff Recovery Trust, and more.

Paralegals are the frontline in preparing for settlement. Excellent to see Chief Trust Officer Rachel McCrocklin and Tax Strategist Jeremy Babener working with the National Federation of Paralegal Associations. Watch the full CLE: https://shorturl.at/SuWLI #Plaintiffs #TrialLawyer #SettlementPlanning #StructuredSettlements

Excellent article by Jeremy Babener and Joseph Di Gangi. So many of our clients have a lifetime of medical expenses in front of them. Maximizing settlement value with those in mind is critical.

Upon establishment, a QSF frees the defendant from the administrative burden of dealing directly with claimants by shifting that responsibility to the QSF, which now deals directly with the claimants. The Trustee overseeing the QSF would manage these matters accordingly. The QSF and its Trustee are responsible for distributing payments among claimants regardless of differences in owed amounts or uncertainties surrounding these amounts. #QualifiedSettlementFund #QSF #EasternPointTrust #Trustee?

Conflicts arise when plaintiffs and their family members are suing each other, and sometimes even when the lawyers get into the act by suing one another or their clients over the allocation of the settlement. Qualified Settlement Funds offer a way to handle these disputes by allowing tax-deferred time to resolve the conflict and preserving the core settlement. The QSF administrator administers the distribution depending on each case’s details and implements the court’s final instructions. #QualifiedSettlementFund #EasternPointTrust #QSF?

Fantastic conference by the Society of Settlement Planners! We were proud to sponsor. Expert discussion of tax strategies and upcoming changes by Jeremy Babener. A practical how-to on Confidential QSFs by Rachel McCrocklin and Matt Meltzer. Top notch planning discussions by Joseph Tombs, Bryn Poland, Joseph Di Gangi, Jake Duvall, CTFA, ChSNC?, and Ryan J. Garrison. Exciting to see the SSP continue to provide such high level education for settlement planners. Looking forward to the next year of growth led by new SSP President Chris Bua. https://lnkd.in/gtY8PeWw #Plaintiffs #TrialLawyer #SettlementPlanning #StructuredSettlements